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You won’t be surprised to find bankruptcy on the list of credit killers you want to avoid. When you choose to file for bankruptcy protection from your creditors, the impact to your credit scores will be devastating and long-lasting. The temptation of walking away from overwhelming debt may sound appealing, but it is important to only use bankruptcy as the absolute last resort.

How Bankruptcy Impacts Credit Scores

Bankruptcies will have a negative impact on two different sections of your credit reports. First, it will show up in the public record section of your three credit reports. In addition to the public record, each debt that was included in the bankruptcy will be noted as such on your credit reports. Each account will be considered a serious derogatory.

While everyone understands the value of improving your credit scores, there is no single strategy to improving it quickly. If you want to raise your credit score by more than 100 points, you have to understand what is causing your credit scores to be lower in the first place. Here are three strategies that may help to point you in the right direction in your quest toward credit score improvement and help you raise your credit score.

Too many borrowers seeking a short-term cash fix are saddled with loans they cannot afford and sink into long-term debt," said CFPB Director Richard Cordray. "By putting in place mainstream, common-sense lending standards, our proposal would prevent lenders from succeeding by setting up borrowers to fail.

The CFPB research showed that median fee on a payday loan is $15 per $100 borrowed with a median loan term of 14 days, resulting in an annual percentage rate of 391 percent on a loan with a median amount of $350. Those fees generated $3.6 billion in fee revenue in 2015 for the estimated 15,766 payday loan stores across the U.S.

Lenders would still have the option to loan up to $500 to consumers without a full-payment test but only to consumers without any outstanding short-term loans. Long-term loans would also be available but the interest rate would be capped at 28 percent and the application fee could be no more than $20.